Solar power tariff touches record low of Rs 3 a unit

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Solar tariff has fallen to an all-time low of Rs 3 per unit, which was quoted by Amplus Energy Solutions in an auction for rooftop solar power conducted by Solar Energy Corporation of India (SECI).

"In a move that will offer cheapest power from solar rooftop plants, Amplus Energy Solutions has won a bid to install 14.5 MW of solar rooftop plants across 10 states. The tariffs offered are at a record low of Rs 3/unit in three states and Rs 5.3-6.2/unit in other states in India. Tariffs are fixed for 25 years," Amplus Energy Solutions said in a statement.

According to statement Amplus won the bid under the 500 MW rooftop grid connected scheme in different states floated by SECI.

The Rs 3 per unit or USD 4 cents tariff is unprecedented in Indian rooftop solar sector that has drastically reduced pricing dynamics, it said.

Uttarakhand, Himachal Pradesh and Puducherry will get solar at Rs 3 per unit, while others such as Karnataka, Madhya Pradesh and Maharashtra will get solar power at Rs 5.56/unit.

Rajasthan at Rs 5.38/unit, Haryana at Rs 5.76/unit and Punjab at Rs 6.20/unit, it added.

Solar rooftop plants will be identified and installed on buildings of NGOs, educational institutes, hospitals, trusts and not for profit companies etc. in these states, it added.

Gurgaon-based Amplus will install, operate and maintain the project for a period of 25 years and will invest Rs 70 crore for all the projects.

These projects would help in CO2 savings of 5,00,250 MT or reduced consumption of 36,97,500 barrels of crude oil which will be equivalent to planting 6,23,500 trees over their entire life.

Amplus is also in the process of closing loans worth Rs 200 crore from the SBI - World Bank lending facility for rooftop projects, it said.

The company is on a rapid growth path and is looking to further expand its geographic footprint in India and hire resources. It currently employs more than 100 people with offices in 5 major cities across India.

Going forward, Amplus has plans to achieve 100MW of solar rooftop projects in this fiscal year with 60MW already clocked with this latest win.

In a short span of time, Amplus is already serving more than 30 clients in more than 200 locations in India.

Speaking about this project, Amplus Energy Managing Director & CEO Sanjeev Aggarwal said "With this win, we will be able to offer solar power at unprecedented prices to deserving consumers.

The government aims to increase energy sourced from solar rooftop systems to 40 gigawatts by 2022.